GE and Newcom to work together in Mongolia

General Electric Company (GE)
and Newcom Group have announced to jointly explore business opportunities in
Mongolia, one of the fastest growing and resource-rich markets in Asia. Newcom
is a leading privately owned investment company in Mongolia with interests in
telecommunications and information technology, real estate, clean energy and
aviation. GE will be the largest multi-national company to operate in the
Mongolian market.

Ts. Boldbaatar , Chairman of
Newcom Group, and Mark Norbom, President and CEO of GE Greater China, signed a
memorandum of understanding in New York in presence of Prime Minister S.
Batbold and John G. Rice, Vice Chairman of GE and President and CEO of GE
Technology Infrastructure.

The two companies agreed on
the principles and basis to explore a sustained
partnership in key sectors of the
economy, including power, civil aviation, healthcare, railways,
water, mining,
lighting and financial services.

“GE is very excited to explore growth opportunities
in Mongolia with a strong partner like
Newcom. Each
company brings strengths that are well-aligned with Mongolia’s growth needs — GE brings technologies and expertise
in infrastructure and financial
services and Newcom brings established relationships and operations in the
market.”
said
Norbom.

“Newcom is happy to be GE’s partner of choice in
Mongolia. Indeed, we are a perfect match – it is imagination and innovation
that drives our two companies. As GE has stood at the forefront of imagination
and progress in the world for over a century, Newcom has been a pioneer in new
and innovative technologies in democratic Mongolia. Together we are set to team
for growth and take on big development challenges in emerging Mongolia.” said
Boldbaatar.